A power of attorney in Poland is a legal document that allows one individual to assign another person to act on his or her behalf for certain matters. This type of document is useful for foreign investors who cannot be present in the country when the company incorporation formalities take place and need another individual to sign documents or perform actions on their behalf.
A power of attorney is a notarized document that can be issued for a variety of purposes, including taking decisions on behalf of an individual who is mentally incapable of doing so. It is a flexible legal document that can be used as per the needs of the principal, the one who assigns another party to handle one or more issues on his behalf. Its uses are both for individual purposes, as well as for corporate ones.
The power of attorney can have many scopes and it can be used in relation to more than one institution. Our team of lawyers in Poland can help investors and individuals draw up and notarize a power of attorney.
The information included in a power of attorney in Poland
A power of attorney, whether used for company formation purposes or not, should include a set of mandatory data:
- - the principal/grantor: details about the principal, their personal identification number, tax ID or other;
- - the agent: details of the attorney-in-fact, their ID number, passport number, tax ID or other means of identification (the passport in case of a non-resident);
- - the scope: the purpose for which it is issued, in detail, even for the general power of attorney;
- - its type: the type of power of attorney mist be specified so it may be clear whether or not it is a durable one.
- - notarization: this is the step that makes the document official, as if will carry the seal and the signature of a notary.
These details included in the document are general ones. Individuals or entrepreneurs who need to use this type of document may request a standard form in which they will fill in their details. However, this is not recommended in all cases and without understanding the particular rights that are being assigned to another party. You can always request more details from our attorneys in Poland.
Types of power of attorney in Poland
According to the requirements expressed by the grantor, powers of attorney can be specific or they can have general purposes. The latter allows the empowered individual to perform general acts of management, as they may arise during a specific time period. The special power of attorney allows legal rights only for the purpose expressly described in the document.
There are several types of powers of attorney, as listed below:
- the general power of attorney: this is an authorization for the designated party to act in all matters regarding taxes, property and others, as defined; it is a flexible document, with multiple uses.
- the special power of attorney: this is granted for a particular task that is to be concluded by the designated individual; it has limited use.
- the durable power of attorney: this can be general or limited, however, its characteristic is that it remains in force after the principal becomes incapacitated.
- the springing power of attorney: this enters into force when the principal becomes incapacitated and has no effect until this occurrence.
- the mandate to deliver documents: as the name suggests, this is a limited type of document, not a power of attorney per se but an authorization for specific purposes.
The mandate to deliver documents is included on this list although it is not a power of attorney because it is an instrument that can be used when a party is required to bring forward documents, for example to the tax authorities, on behalf of another party who has granted this right. This mandate is often useful for submitting tax forms and other annual submissions. One of our attorneys in Poland can give you more details.
An issue that needs to be carefully taken into consideration irrespective of the type of power of attorney used is who will act as the attorney-in-fact. This is an important decision, as this party will have control over the finances of the principal as well as other important decisions regarding assets. The attorney-in-fact is bound to the principal by a fiduciary duty and this is very important when individual designate an institution or a professional asset management company or manager to act as their attorney-in-fact.
The grantor is able to revoke the power of attorney at any time. If you need help drawing up and legalizing a power of attorney, our law firm in Poland can provide personalized services and assistance for solving legal matters that require the use of a power of attorney.
Draw up a power of attorney in Poland
In order to be able to empower another individual to take actions, the one granting his or her legal rights must have full mental capacities and be of legal age (over 18 years). The grantor and the authorized person must come in front of a notary in Poland and sign the document once it has been drafted in several original counterparts. The two individuals must provide relevant information about themselves like names, surname, place and date of birth, addresses and other information, of requested.
The power of attorney
can be effective for an indefinite period of time or during a specified period of time. A power of attorney
that is limited in time is typically used for certain tasks like selling or buying property in Poland
, concluding agreements on behalf of a company director, opening a bank account
for another individual or a company, making payments, submitting documents or making any other actions as instructed by the grantor.
The power of attorney is a personalized document, that fits the needs of the principal and will adapt to the particularities of the case. Although standard forms are used for this purpose, it is always advisable to reach out to a specialist, like one of our attorneys in Poland, for complete information as well as for drafting a form that will suit any particular needs. This is especially advisable when drawing up a springing power of attorney that enters into force once the principal becomes incapacitated. A lawyer will be able to draft this document with the principal’s best interest in mind, once he or she is no longer able to influence financial or asset-related decisions.
Poland is a country that attracts many foreign investors, as highlighted by these statistics:
- - in 2016, the main foreign investments were revived from the Netherlands, at 33.9 billion euros and Germany with 29.2 billion euros.
- - the total foreign direct investment inflow at the end of 2016 was 12.6 billion euros.
- - the services sector was the recipient of the highest investment amount, a total of 105.7 billion euros.
Investors who wish to open a company in Poland can do so by requesting our services that will also include appointing an attorney-in-fact, as needed to handle the registration submissions.
You can contact our Polish law firm for more information on the various types of power of attorney as well as to schedule an appointment for drawing up this document.